We report from 15 laboratory asset markets where we examine the effect of a bonus incentive on asset bubble formation. In contrast to previous studies with similar settings, only three of our 15 markets bubble. Our results demonstrate that a bonus incentive
This paper presents a new approach to modelling credit restrictions by considering uncertain access to the asset market. The asset market and the stochastic process governing access are considered fully exogenous and independent of income. The model generates stable debt trajectories for
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